From Yahoo Finance: 2025-06-05 23:49:00

Stocks on Wall Street surged on Friday after a strong U.S. job market report, resulting in a second consecutive winning week for the S&P 500, which is now within 2.3% of its record high. The S&P 500 rose 1%, the Dow Jones Industrial Average rose 1%, and the Nasdaq rose 1.2%.

Tech stocks led the gains, with Nvidia and Apple rising. Tesla also rebounded, gaining 3.7% after losses on Thursday due to a Twitter feud between Trump and Musk. Circle Internet Group, a popular cryptocurrency issuer, saw a 29.4% rise after debuting on the NYSE.

U.S. employers added 139,000 jobs last month amidst concerns over Trump’s trade war. Despite the hiring slowdown, the job market remains resilient. Lululemon Athletica’s shares dropped 19.8% due to profit expectations cut from tariffs impact and competition from new brands.

Hopes for lower tariffs following trade deals with other countries have fueled the stock market rally. Senior U.S. officials will meet with Chinese representatives for trade negotiations. The impact of tariffs on businesses and consumers remains a concern, with heavier tariffs potentially affecting the economy.

The U.S. economy faced contraction in the first quarter, with surveys showing contraction in manufacturing and services businesses. The Organization for Economic Cooperation and Development forecasted 1.6% growth this year, down from 2.8% last year. The Fed is cautious about tariffs reigniting inflation and is expected to hold rates steady in June.

Treasury yields rose, with the 10-year Treasury yield at 4.51% and the two-year Treasury yield at 4.04%. European markets saw mostly higher trends. Wall Street anticipates a potential interest rate cut later this year to support the economy amidst tariff uncertainties.



Read more at Yahoo Finance: Wall Street gains ground following a solid jobs report and marks another winning week